Foreclosure Friday - March 13, 2009 - Current MS Foreclosures

Real Estate Agent with Front Gate Real Estate Broker 11085

Last week I wrote the premiere edition of Foreclosure Friday, a series of blog posts designed to discuss buying foreclosures. As a reminder, the tips in last week's issue were:

  1. Arrange financing before beginning your search for a home.
  2. Find a qualified agent to help you in your search for a foreclosure.
  3. Foreclosures are usually sold "as is - where is" without any warranty or repair allowance.

Following is the process for buying a HUD foreclosure:

  • When a property is first listed for sale through HUD, only owner-occupants can submit offers to purchase during  the initial "10 day bid period". An owner-occupant, quite simply, is someone buying the home with the INTENTION OF LIVING in the property as their primary residence.
  • If no-one purchases the property during the initial 10-day bid process, the status for bids will be changed to "All Bidders". Once the initial bid period has expired, investors are then able to sumit offers to purchase.
  • All bids must be in writing and submitted through a real estate brokerage approved to sell HUD homes. Individuals are not allowed to submit a bid on their own behalf.
  • Earnest money must be presented at the time of submitting an offer to purchase. In HUD's case, the dollar amount is either $500 or 1% of the purchase price, whichever is greater. If your offer is not accepted, the earnest money IS RETURNED TO YOU.
  • Closing typically takes between 30-45 days.


Currently, there are 35 HUD homes within the city of Jackson for sale. The city of Brandon has four available HUD homes priced between $66,600 to $96,000, and Pearl has four homes ranging in price from $63,000 to $116,000.

A new listing in Ridgeland, at 613 Harvest Road, is in the 10-day bid period and available to owner-occupants only. It is priced at $131,000.

One home is listed in Florence, MS at 573 Eaglewood Drive. It is priced at $121,000 and is open to ALL bidders.

See all available HUD properties in MS by referring to the weekly Foreclosure Friday report.

Search MS VA Foreclosures

Search all Fannie Mae Foreclosures

Search Freddie Mac Foreclosures

If the prospect of searching through all the foreclosures on a daily or weekly basis seems overwhelming, let me do the searching for you. Send an e-mail or contact me by phone, TELL ME WHAT YOU ARE LOOKING FOR, and I'll do the searching for you. Or subscribe to my blog, Pat Starnes Snippets, where you will receive an e-mail each time a new blog post is written.

Until next time...

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Pat Starnes, a Realtor since 1988, specializes in Mississippi Residential Real Estate and can assist you photo of Pat Starneswith buying or selling in the Jackson MS Metro area.

Search all homes for sale in Brandon, Pearl, Flowood, Madison, Ridgeland, Florence, Bryam, or Jackson, MS.

Written and Published by Pat Starnes REALTOR

McIntosh and Assoc., LLC
434 Katherine Drive
Flowood, MS 39232
601-278-4513 - cell
601-936-2007 - office





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Jack Gilleland
Home Inspection and Investor Services, Clayton - Clayton, OH

Great information Pat.  I watch foreclosures here constantly.  I've become a little picky in my old age though.

Mar 13, 2009 05:42 PM #1

Pat, this information is right on time.  Funny how many people are interested in 'how foreclosures work' now.  Have a geat weekend!

Mar 14, 2009 08:37 AM #2

Pat, this information is right on time.  Funny how many people are interested in 'how foreclosures work' now.  Have a geat weekend!

Mar 14, 2009 08:37 AM #3
Charlie Harden
Columbia, SC

Pat the above comment was me... I signed myself out somehow...  I spell good, too!  (I just became a follower of yours on twitter!)

Mar 14, 2009 08:41 AM #4
Pat Starnes, Brandon, MS
Front Gate Real Estate - Brandon, MS
Broker Associate, ABR, 601-278-4513

Jack, every now and then, a property will linger on the market and the timing is right! I found one last week for myself!

Charlie, thanks for following me on Twitter! FYI, I rec'd several inquiries over the weekend for foreclosure information and "how it works".

Mar 16, 2009 12:42 AM #5
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Pat-great information for people thinking about buying a foreclosure.  Don't know if it is true in your area, but here in the Northwest corner of MS, the earnest money for HUD must be in the form of certified funds.  I wish I had a nickel every time someone asks me if the seller intends on repairing the items on a foreclosure.  Answer = "no". 

Mar 17, 2009 01:53 AM #6
Pat Starnes, Brandon, MS
Front Gate Real Estate - Brandon, MS
Broker Associate, ABR, 601-278-4513

Give me a nickel for every time someone asks ME if they have to qualify for a mortgage!! Prospects sometimes think they can circumvent that requirement because the house is a foreclosure! And yes, the broker has to sign a statement that earnest money will only be delivered to HUD in the form of a cashier's check or certified funds. Thanks, Pam, for the comment.

Mar 19, 2009 10:19 AM #7
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Pat Starnes, Brandon, MS

Broker Associate, ABR, 601-278-4513
Ask me about New Construction in Brandon, MS
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